The new United Arab Emirates (UAE) Insolvency Law (Federal Law No.9 of 2016) (Insolvency Law) was published in the UAE Gazette on 29 September 2016 and came in to force three months later on 29 December 2016. The Insolvency Law is a federal law that applies to all seven emirates comprising the UAE. The initial view from market participants is that by replacing the old insolvency law, which placed a greater emphasis on creditor protections and formal bankruptcy proceedings alongside criminal penalties, the Insolvency Law is an overdue but welcome development.
إن الثقة والإئتمان هي أساس التعامل التجاري في معظم المعاملات بين التجار لأنه يتم في معظم الأحوال أن يقوم التجار فيما بينهم بالتعامل الآجل اي أن يتم توريد البضاعة أو الخدمة وبعد ذلك يتم تحصيل الثمن أو الأجر بعد فترة أو على أقساط ، وإذا استمر التاجر في سداد التزاماته وديونه في مواعيدها فلا يمكن لأحد أن يسبب له اي مشكلة ، أما إذا توقف أوتعثر في سداد تلك الديون فيضطرب مركزه المالي ويهتز ائتمانه وقد يلجأ إلى وسائل أو إجراءات لتهريب أمواله من التنفيذ عليها أو يجامل بعض الدائنين على حساب البعض الآخر وهنا قد يتضرر الدائنين كلهم أو بعضهم حيث قد يمكن لأحدهم أن يحصل على
Last week Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to decide the Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (the “Decree”). The Decree establishes a tribunal (the “Tribunal”) comprising three members--Sir Anthony Evans, Michael Hwang, and Sir John Chadwick--to hear and decide all demands and claims submitted against Dubai World and/or its subsidiaries including Nakheel and Limitless, and any of their directors or employees.
When a Cayman Islands company is in official liquidation, no proceedings or claims can be commenced against the company without the Cayman Court's permission. This requirement serves as a safeguard for the liquidation estate of the company in liquidation from being unnecessarily depleted at the expense of stakeholders of the liquidation.
A challenging economic environment and Covid-19 are behind a looming wave of contentious insolvency in the Middle East. The legislative framework in the UAE now provides the tools to creditors to face the challenge.
UPDATED 3 AUGUST 2020
Updates marked with *
Updated: Ireland, Israel
We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.
The UAE Government recently passed legislation that substantially simplifies the procedure for obtaining a payment order.
Payment orders may offer an efficient method to obtain ex parte judgement against a debtor. They are frequently used when claiming amounts arising from bounced checks or other commercial instruments.
Introduction:
بإشهار افلاس شخص ما أو شركة ، وما هي الفائدة التي تعود على الدائنين ، وهنا سنبين أهم الىثار التي تترتب على على الحكم بإشهار الإفلاس وهي عدة آثار بالنسبة للمدين وبالنسبة للدائنين وبالنسبة للتفليسة نبينها فيما يلي :-
ويمكن حصر الاثار المتعلقة بشخص المدين في أربعة آثار رئيسية :
1- تقييد حرية المفلس : لا يجوز للمفلس ان يتغيب عن محل اقامته دون ان يخطر امين التفليسة كتابة بمحل وجوده، ولا يجوز له ان يغيره او يغادر الدولة الا بإذن من قاضي التفليسة.
The rising strength of the United Arab Emirates as a commercial powerhouse has continued as the Covid-19 pandemic recedes. The UAE was a key business hub prior to 2020, but the flow of money and talent into the country has increased since then, driven by numerous factors including the UAE’s business-friendly climate, its stable political regime, and the access to fair and transparent justice mechanisms.